How To Buy Cryptocurrency In The UK
While regulations in the UK regarding crypto have gone back and forth, buying cryptocurrencies in the UK is now easier than it was a few years ago. For that reason, cryptocurrency adoption in the UK has risen significantly during the last few years.
Currently, there are different platforms to buy Bitcoin and other cryptocurrencies in the UK as well as payment methods. For example, you can buy Bitcoin in the UK or buy other cryptocurrencies using your credit or debit card in a few clicks or via bank transfer.
In this article, we highlight the best ways to buy Bitcoin in the UK and other cryptocurrencies, the best brokers to buy cryptocurrency in the UK, what to consider, and the payment methods available to buy cryptocurrency in the UK.
Additionally, if you are interested in buying or selling a specific cryptocurrency in the UK, we created the following guides:
Best Brokers to Buy Cryptocurrency in the UK in 2022
To save you time and effort, we have created a list of some of the best brokers to buy Bitcoin and other cryptocurrencies in the UK.
What Options Do I Have When Buying Cryptocurrency in the UK?
There are many different ways through which you can buy Buy Bitcoin and buy cryptocurrency in the UK.
Here are some of the options that you have:
Cryptocurrency Brokers in the UK:
Brokers connect you to the cryptocurrency market. However, they are the ones that set the price of the tokens you purchase through them. Their main point of appeal is that they feature simple user interfaces, where all you really need to do is just enter the amount of crypto you want to buy, select your preferred token, and just click on buy.
Cryptocurrency Exchanges in the UK:
Crypto exchanges allow you to buy, sell or trade cryptocurrencies. However, they are recommended for more experienced users as they feature advanced charting tools. Typically, they come with built-in cryptocurrency wallets that you can use to store your tokens.
P2P Marketplaces in the UK:
Peer-to-peer marketplaces are the ones that connect you to other people that sell the specific cryptocurrency token you are looking for. This way, you can buy Bitcoin in the UK and other cryptocurrencies from another person. P2P Marketplaces are also a very common place to sell cryptocurrency. For example, you can sell Bitcoin in the UK directly to another person.
Decentralized Exchanges in the UK:
DEXs enable users to purchase and sell cryptocurrencies with one another without relying on a cryptocurrency broker to do so.
Cryptocurrency ATMs in the UK:
In specific areas of the world, there are crypto ATMs where you can insert cash into them, and in turn, you can scan a QR code in order to get cryptocurrencies onto your crypto wallet.
How to Buy Cryptocurrency in the UK?
There are many ways through which you can buy cryptocurrency within the UK. To make this process a lot more streamlined for you, we have created a step-by-step guide that will walk you through the whole process.
Step 1: Find a cryptocurrency brokerage or exchange that meets your needs
Step 2: Sign up for an account and deposit some funds into that account.
Step 3: Make your cryptocurrency purchase order.
Where to Buy Cryptocurrency in the UK?
There are many crypto brokers and crypto exchanges through which you can buy cryptocurrency in the UK. Here are some of the best options you can pick from.
Coinbase is one of the largest cryptocurrency exchanges in the UK and around the world and was founded in 2012. It is fully regulated, and at its launch, primarily focused on allowing people to buy Bitcoin before adding a lot more cryptocurrency tokens. It is known for its user-friendly interface.
Binance is a reputable cryptocurrency exchange in the UK and around the world that was founded in 2017. It has support for numerous cryptocurrencies in the UK and its own software crypto wallet known as the Trust Wallet. The platform is good for both skilled and inexperienced users in the UK.
Robinhood has become the platform of choice for new users in the UK because it has low fees, zero balance requirements to open an account, and an extremely simple-to-use interface.
That said, it has a limited range of offerings, and customers need to pay a monthly fee for using Robinhood Gold in order to trade on margin, view crypto market data, or access in-depth research reports.
For Experienced Users
eToro is a brokerage that was originally founded in 2007 and has millions of users. It is an excellent crypto broker in the UK for both new and experienced users that want to take advantage of its suite of trading tools. There are no management or trading fees and it takes only a few minutes to get up and running.
Kraken is a cryptocurrency exchange that has low fees and a wide selection of tokens to choose from. This crypto exchange provides access to popular trading features such as margin, and as such is a platform of choice for experienced traders.
Bittrex is an online cryptocurrency exchange that offers access to hundreds of cryptocurrency tokens and has a high level of liquidity. It was founded in 2014 and has over half a million active monthly users.
What to Consider When Buying Cryptocurrency in the UK?
Here are the things you need to take into consideration when buying cryptocurrencies in the UK.
Cryptocurrencies are highly volatile. This means that their price can swing dramatically in a short period of time. You should never invest more than you are willing to lose in cryptocurrencies as a result of this.
Every cryptocurrency platform will have security features in place. Ensure that you find one which offers the best security features, such as SSL encryption, two-factor authentication (2FA), and even cold storage functionality.
Many cryptocurrency brokerages and exchanges will charge you fees when you buy or sell a cryptocurrency. As such, you will need to conduct some research to figure out which one best suits your needs.
Not all altcoins are available on all exchanges. As such you may need to first determine which platforms offer the specific coin you are looking for.
Cryptocurrency Transactions Cannot Be Reversed:
Once a cryptocurrency transaction gets recorded on the blockchain or digital ledger, there is no way for it to be reversed. Ensure that you are always typing in the correct wallet address and double or triple-check everything when making digital currency transactions.
Cryptocurrency Regulation in the UK:
You should ensure that you are using a regulated cryptocurrency brokerage, specifically in the UK. This way, you know you are better protected if something goes wrong when making transactions with digital currency.
Some platforms may require you to fill out KYC (know-your-customer) forms for regulation purposes. This process will usually involve you sending identification documentation to the companies. For the highest level of privacy, you might want to use decentralized crypto exchanges, however, keep in mind that they have a higher level of risk associated with them as well.
What Payment Methods Can I Use to Buy Cryptocurrency in the UK?
There are many payment methods through which you can buy cryptocurrencies and buy Bitcoin in the UK.
These options are generally the same for all countries where cryptocurrencies are permitted.
Credit Cards and Debit Cards:
You can purchase cryptocurrencies in the UK with a credit or a debit card on most platforms. Ensure the website you are using is legitimate and deposit and withdrawal fees are something to consider.
You can also use most e-wallets, the most popular option being PayPal in this case. They are convenient as they offer two-factor authentication.
Some cryptocurrency wallets have a built-in crypto exchange where you can use your existing coins to buy other cryptos. Although, there will generally be fewer coins available to purchase through this option. There are many different wallets, for example, Bitcoin wallets are used to store Bitcoin. However many crypto wallets in the UK are multi-currency, which means they support different cryptocurrencies.
Many platforms allow UK users to buy cryptocurrency in the UK using bank transfers. Bank transfers can take up to 3 days to be completed, but, if security is your main concern, buying cryptocurrency in the UK using a bank transfer is one of the safest ways to buy Bitcoin and other cryptocurrencies in the UK.
Final Thoughts on How to Buy Cryptocurrency in the UK
The process to Buy Bitcoin in the UK or buy cryptocurrencies in the UK is really simple and anyone can understand and get involved with, even those entering the world of cryptocurrencies for the first time.
You can choose from many payment options such as a UK bank transfer or debit card, and hopefully, this page has helped you to pick the right platforms for your needs.
Please ensure that you are familiar with all of the security procedures and that you only invest with money you can afford to lose.